Prosecutors to Clear Lehman in Parmalat Case: Report

Law360, New York (January 4, 2006, 12:00 AM EST) -- In a significant victory for Lehman Brothers, prosecutors investigating the Parmalat financial scandal have credited the Wall Street powerhouse with helping to blow the whistle on the Italian dairy giant’s dubious accounting, according to a published report.

A slew of reports Lehman published in 2003, in which it publicly questioned Parmalat’s financial records, served as the basis for prosecutors’ acknowledgement, according to a court document obtained by Dow Jones newswires.

The development could clear Lehman, viewed earlier as a possible defendant in the case, of wrongdoing....